Jumbo Loans

Jumbo/Nonconforming

A jumbo loan is a nonconforming loan that does not meet Fannie Mae or Freddie Mac guidelines because of the higher loan amount. Typically, interest rates and down payments for a jumbo loan will be higher than a standard conforming loan. Jumbo loans were designed to help high-income individuals afford luxury homes or smaller homes in highly desirable areas. Jumbo loans are those that exceed the standard conforming loan amount of $424,100.